Investing in Change: Aligning Investments With Our Mission and Values

Accion Opportunity Fund

• Invested

  $5,000,000

• Region

  Statewide

AOF’s mission is to drive economic mobility by delivering affordable capital and responsible financial solutions to entrepreneurs and small businesses. TCE’s PRI provides AOF with capital to support their lending to BIPOC, women and low-to-moderate income entrepreneurs throughout California.

Capital Impact Partners

• Invested

  $15,000,000

• Region

  Statewide

CIP is a national CDFI providing a variety of services to support underestimated communities. TCE’s PRIs provide funds for CIP to support the capital needs of community health centers and clinics in California.

TCE committed 2 PRIs totaling $15MM to CIP.

Community Investment Guaranty Pool (CIGP)

• Invested

  $8,000,000

• Region

  Statewide

CIGP provides financial guarantees, an evolving tool for philanthropies looking to leverage their assets and support mission-aligned projects beyond the scope of traditional finance. TCE, alongside other funders, provided an unfunded guarantee commitment to demonstrate the efficient use of guarantees in unlocking domestic community investment with an emphasis on California.

Community Vision Capital & Consulting

• Invested

  $13,000,000

• Region

  Central North

Community Vision is focused on providing flexible financial products and consulting services to help revitalize communities in northern and central California. TCE’s PRIs support the organization’s lending to affordable housing, health care, community facilities, healthy foods, community services and economic development activities.

TCE committed 2 PRIs totaling $13MM to Community Vision.

CPCA COVID-19 Response Fund

• Invested

  $8,250,000

• Region

  Statewide

The California Primary Care Association’s (CPCA) Fund was established to provide flexible, working capital to California community health centers (CHC) that were experiencing negative financial and operational impacts due to COVID-19. TCE, along with other funders, helped to capitalize the Fund which assists California CHCs providing culturally competent care to the state’s most diverse communities, many of whom were impacted by both the health and financial effects of the pandemic.

Corporation for Supportive Housing

• Invested

  $6,000,000

• Region

  North

CSH is a national leader in supportive housing, focusing on person-centered growth, recovery and success that contributes to the health and wellbeing of the entire community. TCE’s PRI proceeds allow CSH to provide loans to affordable housing developers in the five counties of the Bay Area through the Partnership for the Bay’s Future Fund.

FreshWorks

• Invested

  $4,250,000

• Region

  Statewide

California FreshWorks is a statewide loan and grant program that promotes equitable access to healthy food and a more equitable food system in California by providing financing to food enterprises, cultivating local economic power, and supporting leadership development. TCE’s investment provided credit enhancement and guarantee capacity to FreshWorks’ network of lenders that were providing loans to increase fresh food access across the state.

Fresno Housing Authority

• Invested

  $3,000,000

• Region

  Central

FHA supports affordable housing developments and finances affordable housing in the City and County of Fresno. TCE’s PRI supports FHA’s investment and financing arm, The Housing Relinquished Fund Corporation, to finance mission-aligned affordable housing.

Genesis LA

• Invested

  $2,500,000

• Region

  Los Angeles

GLA is focused on delivering financial solutions that advance economic and social opportunities in underserved communities by providing technical assistance and flexible capital to Los Angeles nonprofits. TCE’s PRI supports financing of community facilities, affordable housing, and economic development in Los Angeles County.

Grameen America Inc.

• Invested

  $3,000,000

• Region

  Statewide

Grameen America provides microloans and financial training to entrepreneurial women living below the federal poverty line, who are typically undocumented and/or un/underbanked. TCE’s PRI provides funds to support the growth of Grameen’s group lending microloan model in California.

Genesis LA CORE

• Invested

  $1,750,000

• Region

  Los Angeles

TCE’s PRI provides capital for Genesis LA’s Community Owned Real Estate (“CORE”) Program. The program is an anti-displacement strategy for gentrifying neighborhoods. The program acquired commercial real estate properties and leases them at affordable rates to small business owners and nonprofits in South and East Los Angeles County.

Metro MATCH LLC

• Invested

  $3,500,000

• Region

  Los Angeles

The Metro Affordable Transit Connected Housing Program (“MATCH”) is a partnership between Los Angeles County Metropolitan Transportation Authority and philanthropy that provides financing to support affordable housing near transit nodes in Los Angeles County.

Mercy California Land Acquisition Fund

• Invested

  $7,000,000

• Region

  Statewide

Mercy Housing is a leading affordable housing organization, working to eliminate homelessness and housing insecurity for low-income families, seniors, individuals, and people with disabilities. TCE’s PRI to Mercy Housing California’s Land Acquisition Fund provides funding to acquire land to build more than 700 affordable, high-quality homes in California.

Linc Housing Corporation

• Invested

  $3,000,000

• Region

  Statewide

Linc Housing Corporation creates and preserves affordable housing to build communities and strengthen neighborhoods for people underserved by the marketplace. TCE’s PRI provides acquisition and financing to support Linc’s exploration of new models for affordable housing development.

Nonprofit Finance Fund AIM Healthy

• Invested

  $5,000,000

• Region

  Statewide

Self Help Enterprises

• Invested

  $3,000,000

• Region

  Central

SHE’s mission is to work together with low-income families to build and sustain healthy homes and communities and the organization was the first USDA Mutual Self-Help housing organization in the country. TCE’s PRI supports the creation of affordable housing and building of healthy communities in the San Joaquin Valley.

ROC USA Capital

• Invested

  $6,000,000

• Region

  Statewide

ROC USA provides capacity building, technical assistance and financing for residents to cooperatively purchase, own, and run manufactured home communities. TCE’s PRI supports the expansion of ROC’s resident ownership model in California through its financing arm, ROC USA Capital.

Rural Community Assistance Corporation

• Invested

  $20,000,000

• Region

  Statewide

RCAC partners with rural and Indigenous communities to achieve their vision and well-being through technical assistance, training, financial resources and advocacy. TCE’s PRI provides support to RCAC’s comprehensive loan and technical assistance programs to improve the health, safety, and living conditions of California’s rural communities.

Self-Help Ventures Fund

• Invested

  $13,000,000

• Region

  South

SHVF is the loan fund affiliate of the Center for Community Self-Help, a family of nonprofit organizations founded to promote ownership and economic opportunity for people of color, women, rural residents and low-wealth families and communities. TCE’s PRIs support the opening of new Self-Help Federal Credit Union branches in San Diego and Sacramento and support SHFCU’s long-term strategic growth throughout California.

TCE committed 3 PRIs totaling $13MM to SHVF.

St. John's Community Health

• Invested

  $2,000,000

• Region

  Los Angeles

St. John's Community Health is a Federally Qualified Health Center working to improve community health and reduce health disparities by delivering high quality, comprehensive services and impacting health and social policy in Los Angeles. TCE purchased a loan participation from Capital Impact Partners, providing capital for St. John’s to renovate its two flagship health centers in Los Angeles.

Bain Capital Double Impact

• Invested

  $5,000,000

• Region

  Statewide

Bain’s Double Impact Fund invests in growth stage opportunities and actively partners with companies across three themes – health & wellness, education & workforce development, and sustainability - to create long-term value and meaningful social impact at scale. Bain Double Impact looks for mission-driven companies that have impact at the core of their product or service.

TCE committed $5MM to Bain Double Impact I in 2016.

BBG Ventures

• Invested

  $3,000,000

• Region

  Statewide

BBG Ventures is an early-stage venture firm that invests in female and diverse founders, who through their lived experiences, are building companies for the poly-cultural future of America. BBG is seeking to invest in companies across the sectors of health and wellbeing, education and work, and climate to improve access, enhance affordability, and/or reduce friction in the consumer experience.

TCE committed $3MM to BBG Ventures IV in 2023.

Bridge Investment Group

• Invested

  $5,000,000

• Region

  Statewide

Bridge’s Workforce & Affordable Housing Fund is focused on building and preserving affordable housing and improving the quality of life in communities. Bridge invests in multifamily communities where at least 51%+ of units are occupied by families earning less than 80% of the area’s median income. Through a longstanding partnership with a non-profit, tenant services and programming covering health access, education, financial literacy, food and school supplies, and childcare, are also provided on site at their properties.

TCE committed $5MM to Bridge Workforce & Affordable Housing II in 2021.

Collab Capital

• Invested

  $1,000,000

• Region

  Statewide

Collab Capital is an early-stage venture firm that invests financial, human, and network capital to effectively support, grow, and sustain Black-owned innovative businesses. Collab’s vision is to ultimately establish a pathway toward economic parity, for the Black community, through increased ownership within the innovation economy.

TCE committed $1M to Collab I in 2021.

Collaborative Fund

• Invested

  $6,000,000

• Region

  Statewide

Collaborative is an early-stage venture firm that backs entrepreneurs, businesses, and protocols pushing the world forward. Collaborative’s mission is to identify and support companies that live at the intersection of for-profit & for-good.

TCE committed $3M to Collaborative III in 2015 and $3M to Collaborative IV in 2018.

Core Innovation Capital

• Invested

  $8,000,000

• Region

  Statewide

Core Innovation Capital is a venture capital firm that invests in fintech and fintech-adjacent companies creating upward mobility for everyday people. Core makes investments in early-stage companies across fintech infrastructure, consumer, insuretech, and other fintech-adjacent verticals that contribute to a household’s financial wellness.

TCE committed $3M to Core II in 2015 and $5M to Core III in 2019.

FVLCRUM

• Invested

  $3,000,000

• Region

  Statewide

FVLCRUM is a lower middle market private equity firm with a mission to be a fulcrum for change to help close the racial wealth gap in America. FVLCRUM provides growth and buyout capital to minority businesses with the goals of creating generational wealth for minority executives and intentionally driving economic opportunity for minority communities.

TCE committed $3MM to FVLCRUM Fund in 2023.

Harlem Capital

• Invested

  $3,000,000

• Region

  Statewide

Harlem Capital is an early-stage venture capital firm on a mission to change the face of entrepreneurship by investing in 1,000 diverse founders over 20 years while also creating generational wealth for people of color and women. Not only does Harlem aim to invest, but Harlem also seeks to develop an ecosystem of diverse founders, investors, and companies.

TCE committed $3MM to Harlem Capital Partners II 2021.

Illumen Capital

• Invested

  $5,000,000

• Region

  Statewide

Illumen Capital is a fund-of-funds that invests in private equity and venture capital funds. Illumen combines its investments with evidence-based bias-reduction training and coaching for its fund managers with the goal of reducing implicit racial and gender bias in the asset management industry. Illumen’s programming is critical in addressing the structural inequality in the industry by increasing access to capital for companies and communities that have been marginalized by race, gender, geography, and poverty.

TCE committed $5MM to Illumen Capital II in 2022.

New Voices Fund

• Invested

  $3,000,000

• Region

  Statewide

New Voices invests in early and growth stage companies with a mission to deliberately build purposeful businesses serving the needs of underserved and oftentimes marginalized consumers and communities. New Voices invests in consumer- and consumer-tech-focused companies founded by entrepreneurs of color or that directly serve the new general market.

TCE committed $3MM to New Voices Fund II in 2022.

Raven Indigenous Capital Partners

• Invested

  $2,000,000

• Region

  Statewide

Raven Indigenous Capital Partners invests in early and growth stage companies led by, and/or for the benefit of Indigenous peoples across Canada and the United States. Raven endeavors to use cultural understanding and knowledge, capacity-building expertise, and deep networks with trust-based relationships in Indigenous communities to create an equitable and prosperous future for Indigenous peoples across North America.

TCE committed $2MM to Raven II in 2022.

Town Hall Ventures

• Invested

  $1,000,000

• Region

  Statewide

Town Hall invests in entrepreneurs who are passionate about changing the health care system and building solutions that improve care for populations that have long been underserved, specifically Medicare and Medicaid populations. Town Hall targets health care technology and services businesses that address critical patient needs.

TCE committed $1MM to Town Hall Ventures III in 2022.